OPEC and allies finalize record oil production cut after days of discussion

OPEC and allies finalize record oil production cut after days of discussion

The 9.7 million barrels per day cut will begin on May 1, and will extend through the end of June.. Under OPEC+'s new agreement, Mexico will cut 100,000 barrels per day, instead of the 400,000 barrels per day it had initially been asked to cut.. On Friday President Donald Trump said the U.S. would cut production in an effort to get Mexico "over the barrel.". The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day - amounting to some 10% of global oil supply - on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal.. At a White House press briefing, Trump said he spoke to Mexico's President Andrés Manuel López Obrador and had agreed to "pick up some of the slack" by cutting production on behalf of Mexico.. Trump has sought to ease relations between Saudi Arabia and Russia since a price war broke out between the two powerhouse producers following OPEC+'s meeting on March 6..